On May 29, 2024, Coindesk will unveil the founding members of ISAC at Consensus 2024 in Austin, Texas. This comes at a time when Justine Bone has introduced an information-sharing & analysis center to the world. She has been tasked with leading ISAC for crypto firms. The objective is to protect the critical infrastructure across industries like retail, healthcare, and finance, among others.
The late 1990s saw the establishment of ISAC as a non-profit organization. The idea was to facilitate and legitimize the sharing of information pertaining to vulnerabilities and cybersecurity incidents. Its relevance is now being drawn to the crypto market. It notably lost over $1.7 billion in 2023 due to cyberattacks. ISAC is now becoming a reality after years of efforts.
Justine has described ISAC as a trusted intermediary that sits in the middle of conversations about security issues. Industry experts are identifying and filling the gap in the crypto sphere. ISAC could address issues such as new vulnerabilities or ongoing market incidents. Practitioners will more likely collaborate to fix the problems, according to Bone.
ISAC has been compared to the neighborhood watch program. The concept behind ISAC has been to facilitate and legitimize sharing pieces of information between the public and private sectors.
According to Bone, many were surprised to learn about the absence of such an intermediary in the crypto space until now. Only cybersecurity companies highlighted it; crypto players began noticing it as companies attempted to fill the gap.
The team behind Crypto ISAC has met with government officials. The organizers hail from diverse backgrounds with specialties in crypto and Web3 segments. Most ISACs have already identified and adopted the protocol, she added, and it will be FedRamp-ready with the necessary cybersecurity certificates.
Moving forward, Crypto ISAC is aiming to set up the platform so that their members have something to log in to when the launch happens at Consensus.
This comes days after Fantom tried to recover money from the Multichain exploit. The asset recovery comes to approximately $200 million after it won a default judgment in Singapore in January 2024. The Foundation aims to liquidate the company to retrieve its assets and distribute them to the affected parties.
Events like these contribute to the volatility of the crypto market. That builds on top of regulatory uncertainty, ultimately affecting crypto traders and investors. It also affects the trust level of crypto holders, who often end up liquidating their portfolios to save whatever they can.
BTC and ETH continue to navigate their way around volatility and uncertainty. They are testing resistance at $64,000 and $3,100, respectively. Crypto prices could go up once Bitcoin makes a move away from its consolidation phase.
